#SEC主席拟推动股市上链 First, make this clear: it’s not that “U.S. stocks are being moved onto public chains immediately, and everyone uses wallets to trade stocks.” Instead, within its existing legal authority, the SEC has opened a fenced-off trial channel for “tokenized stocks + on-chain trading/settlement.”
1️⃣ What exactly did the SEC do?
The SEC issued an “innovation exemption,” with a 5-year term, aimed at “tokenized securities trading platforms (TSVs).”
❗ Core approvals:
1. Platforms that meet the criteria may not be deemed an “exchange” under the Securities Exchange Act
2. It allows tokenized NMS stock trading using a permissioned AMM + liquidity pool model
3. Some liquidity providers may be exempt from “broker-dealer registration”
❗❗ This is not a regulator-free, bare run—conditions are strict:
1. Limits are set on the number of tradable instruments and trading volume
2. Before tokens go on-chain, the underlying stock’s issuer must be notified; if the issuer objects, trading can be halted
3. If the main market suspends trading, the tokenized version must be suspended simultaneously
4. The platform must disclose operations, trading, and activities of related parties
5. Wallets/participants must be permissioned, pass KYC, and comply with sanctions rules
2️⃣ What exactly is being “put on the stock market chain”?
It’s not issuing a new kind of coin. Rather:
The same U.S. stock (same CUSIP, same dividends, same voting rights) → mapped to a Token on a blockchain → smart contracts handle trade/transfer/pledging → the backend still relies on the DTC clearing system
❗ Key features:
Same rights, same quality: the compliant version must have the same dividends and reflect the same company actions—this is not a “shadow stock”
Permissioned chain approach: this is not a permissionless DeFi wild market without KYC; it’s an institutional DeFi model (whitelisted nodes + compliant wallets)
❗❗ What changes is the settlement layer and timing structure:
Traditional: settlement is T+1 / T+2 after trades
On-chain goal: settlement close to T+0 atomic settlement, trading 24×5 or 24×7, fractional shares, and automated collateralized lending
3️⃣ Why is the SEC pushing this now?
Legislation is blocked: the “CLARITY Act” did not pass in the Senate 49:50, and Congress hasn’t provided a new framework
Atkins said: “Without legislation, the SEC is still acting within existing authority.”
Real-world pressure: Robinhood, Kraken, and others are already selling tokenized U.S. stocks overseas, and the U.S. wants to bring that flow and tax revenue back onshore
Technical readiness: RWA has already worked its way through from Treasury bonds and money market funds; now it’s moving to stocks with the largest liquidity, $BTC $ETH
1️⃣ What exactly did the SEC do?
The SEC issued an “innovation exemption,” with a 5-year term, aimed at “tokenized securities trading platforms (TSVs).”
❗ Core approvals:
1. Platforms that meet the criteria may not be deemed an “exchange” under the Securities Exchange Act
2. It allows tokenized NMS stock trading using a permissioned AMM + liquidity pool model
3. Some liquidity providers may be exempt from “broker-dealer registration”
❗❗ This is not a regulator-free, bare run—conditions are strict:
1. Limits are set on the number of tradable instruments and trading volume
2. Before tokens go on-chain, the underlying stock’s issuer must be notified; if the issuer objects, trading can be halted
3. If the main market suspends trading, the tokenized version must be suspended simultaneously
4. The platform must disclose operations, trading, and activities of related parties
5. Wallets/participants must be permissioned, pass KYC, and comply with sanctions rules
2️⃣ What exactly is being “put on the stock market chain”?
It’s not issuing a new kind of coin. Rather:
The same U.S. stock (same CUSIP, same dividends, same voting rights) → mapped to a Token on a blockchain → smart contracts handle trade/transfer/pledging → the backend still relies on the DTC clearing system
❗ Key features:
Same rights, same quality: the compliant version must have the same dividends and reflect the same company actions—this is not a “shadow stock”
Permissioned chain approach: this is not a permissionless DeFi wild market without KYC; it’s an institutional DeFi model (whitelisted nodes + compliant wallets)
❗❗ What changes is the settlement layer and timing structure:
Traditional: settlement is T+1 / T+2 after trades
On-chain goal: settlement close to T+0 atomic settlement, trading 24×5 or 24×7, fractional shares, and automated collateralized lending
3️⃣ Why is the SEC pushing this now?
Legislation is blocked: the “CLARITY Act” did not pass in the Senate 49:50, and Congress hasn’t provided a new framework
Atkins said: “Without legislation, the SEC is still acting within existing authority.”
Real-world pressure: Robinhood, Kraken, and others are already selling tokenized U.S. stocks overseas, and the U.S. wants to bring that flow and tax revenue back onshore
Technical readiness: RWA has already worked its way through from Treasury bonds and money market funds; now it’s moving to stocks with the largest liquidity, $BTC $ETH